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the Technique of system engineering of management of financial risks in the telecommunication company


In the activity the telecommunication companies face the various risks connected with imperfection of business processes and other factors. The availability of a control system of financial risks will allow not only to minimise losses and losses, but also will be one of the major composed investment appeal of the enterprise, will create favourable conditions for access on the international capital markets.

It is known, for example, that in the USA according to accepted Law Sajrbejnsa-Oksli the availability of a control system of risks is one of obligatory requests to emitters. By preparation financial and annual
The reporting the company should confirm, that it has a system of the internal control and management of risks. Therefore on creation of own control system by financial and operational risks of Open Society "ЮТК" and Open Society "Svyazinvest" management company place emphasis.
At the first stage of researches the organizational structure of a control system operational and the financial risks, based on base of the profound analysis of business processes has been offered, the methodology of its realisation is developed. Research and fixing of business processes and functions, interaction schemes is carried out. The base list of possible risks - more than 1500 is defined.
For quality standard of risks electronic questioning of employees of all functional directions is conducted. Including the author of research by questioning it has been captured - 390 chiefs and experts. The list of functional directions on which quality standard of risks was conducted, included the following: strategic planning, marketing, sale and servicing, investment planning and monitoring of investment projects, building and operation of networks, registration processes, a finance administration, management of human resources, the corporate property and legal questions, etc. (only 15 functional directions).
Following the results of questioning one risk has received on the average 33 estimations that testifies to enough great volume of sample on each risk. Representatives of each functional direction evaluated risks and in adjacent directions that has supplied representative volume of sample. As a whole from more than 1500 risks diagnosed within the limits of researches, about 577 risks at an initial stage were are recognised by significant by criteria of importance and probability. The subsequent researches have lowered quantity of the risks requiring raised level of the control to 60.

Questioning in such scales in the company has allowed to receive an objective and comprehensive estimation of brave events, to show expediency of working out of the given system.
Received within the limits of realisation of the first stage of researches results are useful to that they have supplied a complex estimation of existing risks, and have allowed to evaluate possible scales of consequences of approach of brave event. Already during discussion of intermediate results chiefs of functional divisions of the company had an opportunity to correct control procedures, to revise the nearest plans on preparation of the internal standard documents promoting decrease of risks and their consequences, to apply in the work methods and the receptions used for revealing of risks and their estimation.
It is necessary to notice, that experts diagnosed also the risks arising in process of realisation of new projects and business processes. For example, diagnostics was executed concerning processes which register in frameworks of introduction of the ERP-system which application allows the company to get significant competitive advantages. During this diagnostics of risks, in the company as it do and in other companies, it was necessary to make modifications to existing system ERP, to finish options and expansions [Martynov D ERP during difficult times. The "Computer" journal, № 10 (774), March 2009, p. 33-34].
Research also has shown, that for efficient control risks in the company formation of three-level structure of a control system by risks (SUR), including is expedient:
The first level - decision-making level;
The second level - level of monitoring, the control over management of risks and estimations of risks;
The third level - performance level.
The contents of a control system of financial risks is offered to be formed according to organizational structure and developed
Management practice. On fig. 2.3 contents SUR is resulted with allowance for its distributions on subsidiaries of a company at multifilial structure.

Symbols:
TWO - internal audit department;
ZGD - the deputy of the general director.


Fig. 2.3. Structure of a three-level control system of risks
(It is optimised by the author).
The organizational scheme of functioning SUR has been optimised with allowance for the analysis of a condition of the internal environment and readiness of the company for changes.
Research has shown, that to support and develop this system in the company expediently creation of specialised department of methodology and risks (OMiR), at an initial stage it can be a part of department of the internal audit systematising the information on risks. A main objective of department of methodology and risks is maintenance of functioning of a control system with risks, actualisation of brave model of the company, and also the control over fulfilment of all stages of works on management of risks and preparation for controls of the company of a necessary analytical material on risks and actions for their minimisation. Simultaneously the department of methodology and risks, conducts work on revealing
Concrete and cross-country-functional of the risks connected with system infringements, revealed during audits, and being essential.
Organizational-function chart control systems of risks with allowance for procedures, processes of movement and information interchange by participants it is presented on (fig. 2.4).





Symbols: TWO - internal audit department; OMiR - department of methodology and risks; GD - the general director; ZGD - the deputy of the general director.
Fig. 2.4. Organizational-function chart control systems of financial risks in the company (it is developed including the author)

Functions of participants in the field of management of risks (fig. 2.5).

Fig. 2.5. The basic functions of participants in the field of management of risks in the company (it is developed by the author)
Methods of the tax (reception) of the information for OMiR is:
Studying of standard documents, including the local. The analysis of bargains and the materials placed for consideration Board and Board of directors;
Interviewing and questioning of chiefs and key experts of divisions of the company;
Realisation of complex, auditor, thematic and auditing checks of financial and economic activity of the company, its affiliated and dependent companies;

Testing of system of the internal control and monitoring of separate business processes, key points of the control at various levels of management.
For construction of a logic chain of consistently realised procedures by participants of a control system by risks it is offered to define and formalize internal local documents certain sequence of procedures (fig. 2.6).




Filling risk - ' r files Group of functional experts and registers of risks on ^ to checks TWO at
WITH

GFE, departments


The internal


Audit TWO,



The coordination of documents and
Direction on consideration of Committee on risks
V ¦-V
Chief GFE - the Secretary of Committee on risks
Updating and the coordination of documents committee members on risks. The assertion of the plan of control procedures
Committee on risks (gd, zgd)

(' T
Plan direction

\

The confirmed




The responsible


To executors
^ AT


To



g

\


OMiR TWO





It is granted ie to the information about
Plan performance ' control procedures on terms
The coordination with ZGD reports on the executed control procedures, entering of the information into the arch about performance
•V

V


Monitoring of the performing
Disciplines. The analysis ¦ defects and problems
Informing of the committee chairman on risks about performance of the plan of control procedures
Informing of Committee on audit SD. The report on risks



Symbols:
TWO - internal audit Department;
FE - Functional experts;
GFE - Group of functional experts;
SD - Board of directors;
OMiR TWO - Department of methodology and risks of Department of internal audit;
GD - G eneralnyj the director;
ZGD - the Deputy of the general director.
Fig. 2.6. Sequence of carried out procedures within the limits of control system operation by financial and operational risks
(It is developed by the author)

In managerial process by risks various internal possibilities by means of realisation of the actions directed on decrease of probability of approach of brave events can be used also:
Working out and perfection of regulations, techniques and specifications (For example: the enterprise Standard (STP) «the Organization of work with other debt and accounts payable», STP «the Order of planning and realisation of investment activity», etc.);
Working out and actualisation of long-term strategy;
The control of fulfilment of functions (introduction of system of electronic document circulation, realisation of checks and monitorings);
Selection and (or) training of staff, motivation of staff (awarding on the purposes, an estimation of staff on grejdam);
Automation and working out (acquisition) ON (on intercamera accounts, system of monitoring, etc.);
Purchase of the equipment and the software, allowing to minimise risks;
Interaction with supervising bodies and with competitors (the assertion of regulations and signing of agreements of interaction);
Interaction with the external counterpart (realisation of tenders for delivery the equipment and rendering of services);
Change of structure of management of the company.
Considering, that functional divisions operate risks in a sense on a constant basis, is not dependent on availability or absence of a control system of risks, and the bodies acting within the limits of SUR, exercise administration of risks according to regulations on a periodic basis, following forms of management of risks (fig. 2.7) can take place in a cut of levels of management:







Discussion and development of decisions, actions at meetings (production meetings, coordination councils, technical advices, glider meetings)
Creation and work of tender and other commissions;
Realisation of the confirmed plan of measures to tax check.
The analysis of change of the legislation and definition of preventive actions etc.
The quarterly analysis, estimation and ranging of risks by functional experts G ene - ralnoj management and branches
Preparation ГФЭ* of the project of the plan of control procedures on minimisation of significant risks of Company
Consideration, updating and the assertion of the plan of control procedures by Committee on management of risks
The assertion of the long-term program of development for the period 2008-2012гг. And long-term financial strategy


Monitoring of performance of the plan of control procedures and estimation of their efficiency
Symbols:
SUR - a control system of risks;
OMiR - department of methodology and risks;
GFE - group of functional experts.
Fig. 2.7. Forms of management of risks in a cut of levels of management (it is developed including the author)
During research the expediency of clarification and concept use «registration brave unit» for fixing of risks and management their statistics is revealed. Registration brave unit represents quantitative expression of the characteristic of the risk inherent in certain business functions and processes. Registration brave unit is a subject of the account and the analysis in system of an intracorporate finance administration. For unification of processes the contents and characteristics of registration brave unit (fig. 2.8) is defined.


Fig. 2.8. The contents and characteristics of registration brave unit
(It is developed by the author)


Registration brave unit has the basic, defining and additional characteristics. Such approach to its contents gives it integrated approach. Thus defining characteristics are a place of brave unit in structure of the company and its accessory to process any business-. From this follows, that actualisation of all kinds of financial risks directly is connected with business processes, functions and company structure.

Besides, the basic characteristics of registration brave unit are the probability and importance that requires working out of techniques of an estimation of these parametres. The important basic characteristics of brave unit are also its communication with the relative sizes characterised by the relation of resources of the company to the budget of the company and effect to expenses.
Process of formation of defining characteristics of registration brave unit represents stage-by-stage fulfilment of concrete procedures, obligatory and additional, capable to supply the maximum information filling of databases (fig. 2.9).



CHOICE
\ Is not present / |

Place in structure





Fig. 2. 9. Sequence of formation of defining characteristics of registration brave unit (it is developed by the author)

In process of change of business processes, functions and company structure procedure of actualisation of risks is conducted, their place in structure is specified and the probability of occurrence of new risks by means of the analysis of a database of titles of risks and control procedures is evaluated.
The base of risks should be accumulated on the basis of analyses of the risks revealed during audit of business processes, carried out by services of internal audit of the company, and the given experts evaluating possible and realised risks.
Thus, the contents of registration brave unit is defined with allowance for three basic characteristics:
Importance and probability;
Possibilities and necessities of influence;
Possibilities and necessities of minimisation.
As defining characteristics are allocated:
Place in company structure;
Action/business process;
The name of risk (title).
Additional characteristics are connected with risk factors and possible consequences.
To formation and operation of a full-function control system by risks following basic requests are formulated:
Support of all life cycle of management by risks (planning of management by risks, identification, the analysis, reaction planning, monitoring and the control);
Support of the analysis of all components of risk (cost, time, resource); support of various methods of calculation and modelling;
Automatic generation of reports; documentating and support of the automated information database on risks;

Increase of efficiency of activity and management as a result of decision-making on the basis of the analysis of the brave environment and decrease in expected brave losses; effective communications and a feedback;
Revealing and the analysis of potential risks, working out of duly actions for their decrease;
Integration with a control system at all levels, availability of uniform system of key indicators, close connection with budgeting and long-range planning.
To support and develop this system in the company it has been developed, with allowance for the author of research, system of diagnostics and identification of risks, formations of the list of the most significant risks of the company.
For optimisation of process of diagnostics (revealing) of risks, the local standard document regulating activity of group of functional experts in which structure of members has been initiated directors of departments, chiefs of departments and key experts of the company are included. The unified form of the reporting - "Risk-file" is developed, then the additional format applied by holders of risks for reporting formalisation on the essential and moderate risks, represented Board of directors and Committee on risks - «the Report on risk», «the Current register of risks» is recommended.
Following the results of conducted researches additional elements of fixing of risks within the limits of SUR have been defined:
Codes of risks (serial numbers from the general qualifier of the unified risks);
Codes of functional directions of business processes. As financial risks on occasion can be a consequence cross-country - of functional and operational risks, the testing area should cover all basic functional spheres of activity of the company;

The short description of factors and risk consequences with allowance for risk areas. The description of factors and risk consequences with allowance for the maximum volume of the available information and data is carried out.
To conduct a factor analysis difficult as the same factors make in various conditions unequal impact. It is necessary to know interrelation and mutual influence of various factors and to establish connection between absolutely untied, at first sight, events and consequences to evaluate degree of their influence.
The working documentation is formed of all above-stated elements and on their basis the summary form of fixing of the risks, used for a primary estimation of the revealed risks in activity of the company which is made on the basis of Risks-files of branches, functional divisions, Risk - of files of departments of the internal control TWO, carrying out audit business of processes and «Reports on risk» risks formed by holders. (Appendix D, D 1).
At drawing up of Risks-files by experts the estimation of importance of influence of risk simplified at the first stage on indicators and results of activity of the company - three-point (3 - the most essential risks, 2 essential, 1 less essential) can be used. On the given scale it is offered to make operatively an estimation during realisation of checks (complex, auditor, thematic, operative), for allocation of the most essential risks requiring raised level of the control. Such method is applied at insufficiency of skills of management to conduct a detailed estimation of the revealed risks and consequences of their realisation.
For quantitative and quality standard of the staticized list of significant risks it is periodically expedient to conduct the electronic questioning, which purpose - realisation of a system analysis of risks in all functional directions of activity of the company, definition of the most significant by criteria of importance and probability and their ranging.

As a local example on fig. 2.10 the intermediate stage of research who proves prioritetnost managements of financial risks is presented.
From fig. 2.10 follows, that the most significant risks at the moment of research define risks in the field of the finance and economy (the importance 17,1). Thus essential risks prevail in the financial block on which 66,67 % of total of essential risks are necessary.

IMPORTANCE, points


1) the Finance and economy (the importance 17,1); 2) Marketing, sales (the importance 14,7); 3) Management of human resources (the importance 11,1); 4) Investments, supply, operation (the importance 10,4); 5) Management of the corporate property (the importance 10,2); 6) Registration processes (the importance 8,5); 7) Management of information resources (the importance 7,6); 8) Strategic planning (the importance 7,2); 9) Legal questions, standard regulation (the importance 6,0).
Fig. 2.10. Areas of the most significant risks of the company (it is made by the author according to Open Society "ЮТК")
Experts diagnosed also the risks arising in process of realisation of new projects and business processes. In research other methods of valuation of the importance of the financial risks, based not only on questioning with use of ball estimations, but also on application of quantitative cost estimates of importance of risk are used also.
In whole, on the scale of the company, the parity of risks on importance level is resulted on fig. 2.11.

Fig. 2.11 Parity of risks of the company on importance level (it is made by the author according to Open Society "ЮТК")
In a control system of financial risks extremely important correctly to define methods and tools on management of risks, to define actions for minimisation (optimisation) of risks. Therefore including functional experts and the author of research following the results of an estimation and ranging of risks, strategic, long-term and short-term actions on minimisation of risks and the prevention of occurrence of brave events were defined. Within the limits of management of risks the Plan of control procedures on minimisation of significant risks »with definition of tools and management methods risks (insurance, risk reduction, transfer of risk to outsourcing, automation of separate business processes, change of structure of management, interaction schemes etc.) is developed«.
The introduced control system of risks should allow to company management to act effectively in any conditions and to use possibilities, increasing potential for growth of cost of the company. With company development, change of approaches to business dealing and management, undergoes changes and a control system of risks.
Problems of a control system of risks in difficult economic conditions is working out and application uniform and consecutive
Approaches to revealing, an estimation and management of risks of the company, simplification of procedures of information interchange about risks on verticals (management) and across (communication of experience). Formation of information base of operative reaction to arising brave events, the organisation of purposeful activity on management of risks for the purpose of their decrease to comprehensible level, ordering and the further accumulation of the information on risks, embedding and integration of a control system by risks into managerial processes of all levels, system of budgeting and prognoznogo planning is for this purpose carried out. The interrelation of a control system with risks with all processes of the company, including with process of strategic and operational planning and structural changes should be supplied.
According to it, it is necessary to give the big attention to increase of efficiency of functioning of organizational structure of the integrated control system by risks (ISUR), to maintenance of an order of interaction of participants of managerial process with risks, the control of performance of their functions, and sequence of actions executed by them.
Considering complexity of management financial risks in the conditions of globalisation of economy, growth of the competitiveness, developing crisis, a control system of risks in the telecommunication companies cannot remain invariable.
Risks it is possible to carry factors to the key moments of changes in frameworks of creation of the integrated control system raising a system effectiveness - introduction of definition of a threshold of importance for definition of border of risks, introduction of a new post - Risk-manager, deducing of the accountability of the Risk-manager on more high level - Board of directors, basic change of organizational structure and functions of participants ISUR (fig. 2.12).

The control and regulation
Board of directors Committee on audit of Board of directors



The monitoring, independent estimation
Internal audit department
Method. Support of operation of the Control system by risks and an estimation of its efficiency. Functional experts: revealing and an estimation of risks.
Coordination and acceptance of administrative decisions
The general director Committee on risks
The organisation, support of operation of a control system by risks, methodology.
Risk - the manager of the company.
Definition of strategy of management by risks and the control.



Management of risks
Holders of risks (revealing and inventory of risks; the control of performance of plans of measures)
Performance
Holders of actions - directors of departments and chiefs of departments and the services, responsible for performance of plans of action on minimisation of risks on functional
To directions



The commercial block; the Technical block.
The block of a building of management; the Block of the general questions.
The financial block; the Economic block.



The safety block; the Block of motivation of staff.
The block of registration processes; the Legal block.

With

Block IT; the audit Block

N

V


J




Fig. 2.12. Organizational structure ISUR in a cut of levels of management and the accountability (it is developed by the author)
Within the limits of ISUR distribution of functions and responsibility zones at all levels is carried out. For increase of efficiency of communications formalisation of functions with instructions of their periodicity is expedient in is dependent
sti from a level of development of the company and readiness of management to carry out, assigned to them funktsional.
In the course of research functions of all participants of system on management of risks have been analysed and with allowance for this analysis the following specified distribution of functions in managerial process by risks is offered:
The company board of directors - carries out the general supervision and an estimation of efficiency of activity of the Company, including management of strategic and essential risks (simultaneously passs the budget based on an estimation of risks and the management program strategic and essential risks risks, including a risk level comprehensible to shareholders);
The general director of the company (the Committee chairman on risks) - bears responsibility for general efficiency of activity of the Company, including efficiency of managerial process by risks;
The committee on risks which structure includes deputies of the general director, chiefs of department of internal audit and legal maintenance - supplies objectivity of estimations in the course of operational management by risks, due level of the control of results of management with risks and coordination of activity of all divisions and the employees involved in managerial process by risks, including cross-country-functional;
Risk-manager - the official which functions include the organisation and support of effective functioning of process on management of risks into the companies (including, updating of toolkit in the field of management of risks; the organisation of process of revealing and an estimation of risks; removal of materials on essential risks (the register of essential risks, reports on risks, size of residual risk and prognoznomu to significance KRI) on Board of directors; the control of a regularity of updating of the register of risks of the company);
The holder of risk - the person who is responsible for all aspects of management by concrete risk and achievement planned and confirmed KRI on
To management of this risk (including for revealing, a primary estimation of risks; the analysis of possible consequences of realisation of event of risk; working out of strategy of reaction to risks and plans of action on management of risks; duly finishing of the contents of plans of action on management of risks to data of holders of actions and other interested parties; personal responsibility for realisation of the confirmed plans of action on management of risks, the control on a constant basis over duly and adequate fulfilment of the actions provided by these plans, direct coordination of actions of participants; in case of risk realisation - a management of process of fulfilment of the corresponding plan of the subsequent effect on brave event (if it has been developed); granting as a part of the quarterly reporting about outturn of the budget, the reporting on risks and reports of performance of a plan of action on management of risks; Revealing of potential risks and informing on again revealed risks of the Risk-manager, committee on risks);
Functional experts - the key experts having corresponding skills and kompetentsijami, carrying out revealing, an estimation and ranging of risks during realisation of procedures within the limits of ISUR;
The holder of action - the official bearing personal responsibility for realisation of concrete action, provided by a plan of action on risk management;
The internal audit department - carries out independent monitoring ISUR, grants committee on audit of Board of directors the information on the revealed defects of a control system of risks; evaluates efficiency and productivity of managerial process by separate risks, grants necessary recommendations to committee on risks and by results of the conducted checks grants Board of directors the reports which have undergone procedure of discussion and the coordination with Committee on risks.
It is necessary to understand, that there are various levels of responsibility in certain interrelation with management levels (fig. 2.13):


Fig. 2.13. Responsibility distribution on management levels
(It is developed by the author)


Developed by the author of research the matrix of distribution of functions and reporting formation is used for monitoring ISUR (Appendix). Besides, quite expedient document circulation formalisation is represented. (Appendix) and Regulations of management of risks on a budget period (Appendix). It is quite obvious, that in an equal measure it is changed not only process of functioning of system, but also formation of the reporting used by management.
Let's consider the most important final form of account «the Register of risks». In «the register of risks» the reasons of occurrence of risk (riskoobrazujushchie factors) are defined; the detailed description of event of risk is given; possible consequences of realisation of event of risk (influence on finanso are defined
vye results of activity, reputation, fulfilment possibility of "social projects»; approaches to risk revealing are defined; holders of risks are defined; approaches to an estimation of risks (indicators) are defined; key indicators (KRI) both their current and target significances are defined; results of an estimated risk (cost and reputatsionnye criteria, fulfilment of "social projects", an integrated estimation of importance) are resulted; the estimation of degree of controllability by risk, and also strategy and management methods is conducted; explanatories are given techniques of an estimated risk and methods of a choice of key indicators of a management efficiency by risks (KM). (Appendix).
For example, such kind of risk as «the Presentation taxing authority unreasonable, from the point of view of the company of claims» about the help of the given register of essential risks can be formalized in the following sequence:
The reasons of occurrence of risk (riskoobrazujushchie factors) - ambiguity of interpretation of norms of the tax and branch legislation. Disagreements with taxing authority in the approach to realisation vzaimoraschetov with communication statements;
The detailed description of event of risk - following the results of check of calculation and company tax payment unreasonable claims are presented;
Possible consequences of realisation of event of risk (influence on activity finance results, reputation, fulfilment possibility of "social projects") - the costs connected with the judicial/pre-judicial resolution of disputes with taxing authority. Collection of the essential sums;
Approaches to risk revealing - the analysis of materials following the results of exit tax check, the analysis of arbitration practice on ambiguously treated norms of the legislation;
The holder of risk - the chief accountant;
Approaches to an estimation of risks (indicators) - the size tax donachisleny and fines;

Estimated risk - KM, a unit of measure - %, KM type - quantitative, results of an estimated risk: cost criterion - essential, reputatsionnyj criterion - essential, fulfilment of "social projects" - insignificant, an integrated estimation of importance - essential;
Risk management and the control over risk management: an estimation of degree of controllability risk - average, risk management (strategy and management methods) - effect on the reasons: attraction of foreign or internal tax advisers, lawyers for the period of realisation of tax checks; effects on consequences: constant monitoring of judiciary practice on similar affairs; upholding of interests in court;
Explanatories of a technique of an estimated risk: probability of collection of fines once in the 1.4 billion sum rub;
Explanatories of a choice of KM - the Criterion defines efficiency of actions under the prevention and minimisation of the given risk. Importance of risks is caused by ambiguous treatment taxing authority of legislative norms.
On each kind of risk achievement of target KM, and also fixing of factors affected impossibility of achievement of target significances and definition of the further strategy of risk management in the conditions of changes of the external and internal environment has essential significance.
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A source: Podgornaja Lubov JUrevna. FORMATION of the CONTROL SYSTEM by FINANCIAL RISKS In the TELECOMMUNICATION COMPANY. The dissertation on competition of a scientific degree of a Cand.Econ.Sci. Krasnodar. 2009

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